A way of excusing ones self to go to the bathroom. Derived from the location where Elvis took his final breath and also a scene in "True Romance", starring Christian Slater, where he talks to Elvis' ghost in the bathroom. Commonly used by people who can appreciate Elvis as a singer and find humor in his lifestyle. So far, hipsters haven't caught on to the phrase, which is a good thing.

Johnny Lockjaw, after having a few beers at the local gin joint, "Oh man, I gotta go talk to Elvis"
Auf Deutsch, "Ich mochte bitte mit Elvis Sprechen"